Interesting if this goes ahead!
ABU DHABI – After the English Premier League, it is the Serie A which the United Arab Emirates is eyeing.
The Abu Dhabi United Group for Development and Investment (ADUG) acquired Manchester City last year and more recently Arab billionaire Sulaiman Al Fahim moved a step closer to taking over Portsmouth. And now, Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai has shown interest in Serie A club AC Milan.
An Italian business newspaper reported on Tuesday that Shaikh Mohammed is offering to purchase a 40 per cent stake in AC Milan, worth 400 million Euros ($565 million). It is being said that holding company Fininvest, which owns AC Milan could get the offer this week. Fininvest is owned by Italian Prime Minister Silvio Berlusconi’s family. It is also being said that the offer includes an option to buy the rest of the stake in AC Milan in two years’ time. Fininvest’s option of the 60 percent expires in two years.
It was said that Shaikh Mohammed was waiting for AC Milan’s confirmation in next season’s UEFA Champions League before making the bid.
Seven-time European champions AC Milan finished third in the Serie A after defeating Fiorentina 2-0 on Sunday, which earned the ‘Rossoneri’ a direct spot in next season’s UEFA Champions League.
The Fiorentina game was also manager Carlo Ancelotti’s last at the helm before he takes over Premiership club Chelsea. His eight years with AC Milan saw the club win two Champions League and one Serie A title.
Previously, in 2008, it was said that Shaikh Mohammed had shown interest in Premiership club Liverpool.
AC Milan were in Dubai as part of their winter training camp in December-January and fans had the opportunity to get a glimpse of stars David Beckham, who was on loan with the club, Paolo Maldini and Kaka, among others.
Due diligence
Meanwhile, a period of due diligence is on for Sulaiman Al Fahim’s acquisition of Portsmouth from and will be completed in the next few weeks. It was being speculated that the value of the takeover was £60 million.
The chief executive of Hydra Properties was quoted as saying that the purchase was through a team of investors and not Hydra Properties.
‘’The money for the Portsmouth FC acquisition and the needed future investment has been raised through the network of Falcon Equity from Asian and Middle Eastern investors.
None of these investors are from the real estate sector,†he was quoted as saying.
Sulaiman Al Fahim was also instrumental in brokering the Manchester City deal for the Abu Dhabi United Group for Development and Investment (ADUG).
ABU DHABI – After the English Premier League, it is the Serie A which the United Arab Emirates is eyeing.
The Abu Dhabi United Group for Development and Investment (ADUG) acquired Manchester City last year and more recently Arab billionaire Sulaiman Al Fahim moved a step closer to taking over Portsmouth. And now, Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai has shown interest in Serie A club AC Milan.
An Italian business newspaper reported on Tuesday that Shaikh Mohammed is offering to purchase a 40 per cent stake in AC Milan, worth 400 million Euros ($565 million). It is being said that holding company Fininvest, which owns AC Milan could get the offer this week. Fininvest is owned by Italian Prime Minister Silvio Berlusconi’s family. It is also being said that the offer includes an option to buy the rest of the stake in AC Milan in two years’ time. Fininvest’s option of the 60 percent expires in two years.
It was said that Shaikh Mohammed was waiting for AC Milan’s confirmation in next season’s UEFA Champions League before making the bid.
Seven-time European champions AC Milan finished third in the Serie A after defeating Fiorentina 2-0 on Sunday, which earned the ‘Rossoneri’ a direct spot in next season’s UEFA Champions League.
The Fiorentina game was also manager Carlo Ancelotti’s last at the helm before he takes over Premiership club Chelsea. His eight years with AC Milan saw the club win two Champions League and one Serie A title.
Previously, in 2008, it was said that Shaikh Mohammed had shown interest in Premiership club Liverpool.
AC Milan were in Dubai as part of their winter training camp in December-January and fans had the opportunity to get a glimpse of stars David Beckham, who was on loan with the club, Paolo Maldini and Kaka, among others.
Due diligence
Meanwhile, a period of due diligence is on for Sulaiman Al Fahim’s acquisition of Portsmouth from and will be completed in the next few weeks. It was being speculated that the value of the takeover was £60 million.
The chief executive of Hydra Properties was quoted as saying that the purchase was through a team of investors and not Hydra Properties.
‘’The money for the Portsmouth FC acquisition and the needed future investment has been raised through the network of Falcon Equity from Asian and Middle Eastern investors.
None of these investors are from the real estate sector,†he was quoted as saying.
Sulaiman Al Fahim was also instrumental in brokering the Manchester City deal for the Abu Dhabi United Group for Development and Investment (ADUG).